In the kickstart video for April 29, 2024, I take a look at three of the major currency pairs – the EURUSD, USDJPY and GBPUSD. The focus is on the USDJPY after presumed intervention by the Bank of Japan said the pair down from about 160.20 to 154.50.
The EURUSD is trading above the 100-hour moving average and 38.2% retracement of the April trading range near 1.0700. That area will be a barometer for buyers and sellers in trading today. Stay above is more bullish. Moving below is more bearish.
The USDJPY surged to the upside in the Asian trading despite Japan being on holiday. The speculation that gave the Bank of Japan the go-ahead to intervene in the market presumably. That sent the price sharply lower from 160.20 to 154.50 before trading back to the upside on the bounce back rally. The current price is back above it 155.863 , but below age 38.2% retracement of the April trading range156.61. Those levels are close targets for both buyers and sellers to get to and through.
The GBPUSD set the 50% and 100 hour moving average on the 4-hour chart as support near1.2500, and resistance at the 200 day moving average and 61.8% retracement up to 1.2555. The present trade between those levels currently at 1.2530 in what has been up and down trading today. Traders will use those levels as target/risk levels for the day. Move above or below would increase the bias in the direction of the break.
This article was written by Greg Michalowski at www.forexlive.com.
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